It's All About The Local Economy

Economists who see Australia as a single market - which is most of them - are the greatest single source of misinformation about residential property.
Economists are not real estate specialists. Most of their thinking is devoted to the national economy, the share market and money markets - areas where there’s a single entity to analyse. So, on the rare occasions when they turn their thoughts to real estate, they apply the same process - the talk about “the Australian property market”.
Accordingly, their rhetoric is now about the market downturn and the fall in “Australian property prices”. When they do that, they massively mislead real estate consumers.